Some oligopolies are genuinely beneficial to consumers as well; however, not all are In such circumstances, the government has the authority to undertake a series of actions to safeguard the consumers, which are as follows:
Lower entry barriers: The government can provide tax relief, financial aid, or other special grants to new companies and start-ups who want to be a part of the market. These new firms that are not a part of any oligopoly will prove to be great competition with lower prices.
Antitrust laws: The government can impose a strict penalty on those breaching the antitrust laws to prevent firms from excessively manipulating the prices. The state of competition also needs periodic reviews and market impact studies during mergers and acquisitions to keep price collusions in control.
Price ceilings: A price ceiling is the maximum amount that a seller can charge for a product or a service. This helps to keep the prices in an affordable range so that the customers can afford them. Setting a price ceiling will also help to limit the overall pricing in an oligopoly.
Examples of Oligopoly
Today, there are multiple oligopolies in the market. Different sectors have some of the well-known names of brands that are parts of oligopolies. These are as follows:
Entertainment: The music industry is dominated by a few players, such as Warner, Sony, and the Universal Music Group. Besides these, companies in film distribution, movie theater chains, and movie studios have a limited number of dominant choices.
Technology: Computers and smartphone operating systems can be good examples. Google Android and Apple iOS dominate the operating system choices, whereas Microsoft Windows and Apple have taken over and remain the prime choices for computer operating systems. Internet technology also plays a key role; Amazon, Facebook, and Google dominate the same.
Mass Media: News outlets and national mass media can be considered prime examples of oligopolies. The U.S. media outlets are owned by four main corporations, i.e., Viacom CBS (VIAC), Walt Disney (DIS), News Corporation (NWSA), and Comcast (CMCSA). To add to these, Netflix and Amazon have joined the game with the ever-increasing streaming media.
Airlines: In the United States airline industry for domestic airlines, these are the four major ones as of 2021; United Airlines Holdings, Inc. (UAL), Delta Air Lines, Inc. (DAL), American Airlines, Inc. (AAL), and Southwest Airlines (LUV).
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